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Chopra: ECB went beyond its powers with Irish bailout ultimatum

The ECB acted beyond its powers when it gave Ireland an "ultimatum" to accept a bailout in 2010.

That's according to the former head of the IMF's mission to Ireland, who's giving evidence at the Banking Inquiry.

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Ajai Chopra has told the inquiry that the ECB's job is only to deal with inflation – and budget issues are a matter for individual countries.

He's also said the ECB's intervention to stop Ireland burning bondholders cost us around 8 billion euro

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